ASC issues Amendments to SFRS(I) 1-19 and Amendments to FRS 19: Plan Amendment, Curtailment or Settlement
On 1 August 2018, the Accounting Standard Council (ASC) has issued the Amendments to SFRS(I) 1-19 and Amendments to FRS 19: Plan Amendment, Curtailment or Settlement. Paragraphs 101A, 122A, 123A and 179 are added and paragraphs 57, 99, 120, 123, 125, 126 and 156 are...
ASC issues SFRS(I) Practice Statement and FRS Practice Statement: Making Materiality Judgements
On 1 August 2018, the Accounting Standard Council (ASC) has issued the SFRS(I) Practice Statement and FRS Practice Statement: Making Materiality Judgements. This Practice Statement should be read in the context of its objective, the Preface to Singapore Financial...
Filing Country-by-Country Reporting (CbCR) for FY 2017
Country-by-Country Reporting (CbCR) is a form of reporting by multinational enterprises (MNEs) initiated by the Organisation for Economic Co-operation and Development (OECD) in the Base Erosion and Profit Shifting (BEPS) Action 13 Report. Some jurisdictions would be...
ASC has submitted comment letter on ED/2018/1 on Accounting Policy Changes
On 27 July 2018, the Accounting Standard Council (ASC) has submitted comment letter on ED/2018/1 the Exposure Draft on Accounting Policy Changes (Proposed amendments to IAS 8) issued by the International Accounting Standards Board in March 2018. More details can be...
Revision to e-Tax Guide on GST fringe benefits
On 27 July 2018, the Inland Revenue Authority of Singapore (IRAS) has updated the Third Edition of the e-Tax Guide on GST: Fringe Benefits. The following were the amendments: Footnote 11 – to elaborate on the meaning of ‘any other cost’ in the explanation of business...
Payments That Are Subject to Withholding Tax
When the following specified nature of payments paid to non-resident companies by a person attracts withholding tax. The rate of withholding tax will depends on nature of these payments: Interest, commission, fee in connection with any loan or indebtedness; Royalty...
Income Tax Treatment of Real Estate Investment Trust Exchange-Traded Funds
On 9 July 2018, the Inland Revenue Authority of Singapore (IRAS) has updated the Second Edition the e-Tax Guide to Income Tax Treatment of Real Estate Investment Trust Exchange-Traded Funds to replace the first edition that was published on 12 April 2018. This e-Tax...
Update of e-Tax Guide on Claiming GST incurred before GST Registration or Incorporation
GST-registered businesses may claim GST incurred before registering for GST and also before incorporation provided certain conditions are met. On 18 July 2018, the Inland Revenue of Singapore (IRAS) have updated the Third Edition of the e-Tax Guide, GST:...
Update of e-Tax Guide for the Electronic Tourist Refund Scheme (eTRS)
GST-registered businesses may provide GST refunds to tourists as an independent retailer or by engaging the services of a Central Refund Agency. In either case, they need to do so under the electronic Tourist Refund Scheme (eTRS). On 17 July 2018, the Inland Revenue...
Update of GST e-Tax Guide for Visitors on Tourist Refund Scheme
Tourists buying goods from retailers who participate in the electronic Tourist Refund Scheme (eTRS) may claim a refund of the GST paid on purchases made in Singapore. On 17 July 2018, the Inland Revenue Authority of Singapore (IRAS) has updated the Seventh Edition of...